The rules, which are set to come into force in 2015, ban airlines from charging passengers a fee to correct a mis-spelling of their name, or leaving them sitting on the tarmac for hours without access to a toilet or drinking water.

Passengers who face delays of more than 12 hours will have to be rerouted via a rival carrier if their airline cannot put them on another of its own flights, and only natural disasters and air traffic control strikes can now be defined as an "extraordinary circumstance", whereby passengers are not entitled to compensation as a result. Read our handy guide to your passenger rights here.

Savings accounts and life insurance may well become easier to understand if the government has its way. A report by the Treasury this week suggested they should be reviewed by the British Standards Institution, and those that qualify will be given a kitemark showing they meet the standards on simplicity.

The first set of "simple financial products" will be an easy access savings account, a 30-day notice savings account, a regular savings account, and a fixed-term life insurance product, typically the type taken out with a mortgage.

In other news, statisticians shuffled the basket of goods used to measure the cost of living this week, adding ebooks and white rum and removing champagne and round lettuces.

The Office for National Statistics said white rum sold in supermarkets and off-licenses had been introduced to better "cover spirits that are drunk by younger people". It's clearly the young person's cocktail ingredient of choice – white rum is used to make mojitos, piña coladas, daiquiris and hurricanes.

Also on the site this week

• RBS and NatWest launched a Visa-based mobile transfer system – the sender doesn't need the other person's bank details and the recipient doesn't have to register in order to receive a payment.

• Do you know about the Party Wall Act? It protects you and your neighbours during any home improvements – failure to follow the correct procedures could land you with a hefty bill.

Daft deals

Photograph: Val Scholey

Gleaming white teeth will cost you a fair penny in Bridgend if this daft deal – spotted by Val Scholey in her local Tesco – is anything to go by.

Real deals

• Have you made use of your tax-free savings allowance for this tax year? There's still time – have a look at this cash Isa from Barclays, which has tiered interest rates depending on your balance – 2.3% AER on balances of £30,000 and above – and allows transfers in.

• Alternatively, this cash Isa from Halifax also has tiered interest rates depending on how long you're willing to lock away your cash, from one to five years. Minimum balance is £500.